{"id":6040,"date":"2010-02-22t17:08:08","date_gmt":"2010-02-22t21:08:08","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=6040"},"modified":"2016-04-19t11:16:28","modified_gmt":"2016-04-19t15:16:28","slug":"savvy-cpas-focus-on-back-to-basics","status":"publish","type":"post","link":"\/\/www.g005e.com\/2010\/02\/22\/savvy-cpas-focus-on-back-to-basics\/","title":{"rendered":"savvy cpas focus on back-to-basics"},"content":{"rendered":"

it\u2019s all about execution these days \u2013 doing the right things right.<\/strong><\/p>\n

by rick telberg
\n<\/em><\/p>\n

the frenzy of busy season and an uncertain economic outlook may be preying on the minds of accountants as their chief concerns right now. but, at the same time, many are forging ahead with a new sense of purpose and a clear-eyed view of the new business realities.<\/p>\n

cpas, like almost everyone else, appear to have been chastened by the big bank meltdown, and are taking a \u201cback to basics\u201d approach to their business lives. maybe it\u2019s all about execution these days \u2013 doing the right things right. for sure, the word \u201cfocus\u201d seems to pop up frequently when i hear from cpas these days.<\/p>\n

\u201cin a difficult economic cycle we need to stay focused on our priorities to ensure success,\u201d according to a prominent partner at one of the big six global firms. even personally, he is working to \u201cbe more focused and accountable\u201d and to \u201cstay on top of my priorities and make sure i do not get distracted.\u201d\u00a0 but he\u2019s also preparing his firm for recovery by \u201cstaying close to our top talent, because they will be in the most demand when the cycle turns upward.<\/p>\n

or, as one cfo at a small manufacturer told me, his plan is to \u201cfocus more on tactics and less on strategy.\u201d<\/p>\n

to be sure, an unscientific straw poll of aicpa insider readers by 卡塔尔世界杯常规比赛时间 shows that the list of chief concerns for cpas is understandably topped by the economy and the tax season. but then comes business operations, including costs, prices and staffing; and \u201cimplementation and execution of plans.\u201d<\/p>\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
focus, focus, focus: key cpa issues<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/tr>\n
1.<\/td>\neconomic outlook<\/td>\n<\/tr>\n
2.<\/td>\ntax<\/td>\n<\/tr>\n
3.<\/td>\nbusiness operations<\/td>\n<\/tr>\n
4.<\/td>\nimplementation and execution of plans<\/td>\n<\/tr>\n
5.<\/td>\nnew business development<\/td>\n<\/tr>\n
6.<\/td>\npersonal\/professional development<\/td>\n<\/tr>\n
7.<\/td>\nmanagement and leadership<\/td>\n<\/tr>\n
8.<\/td>\nfinancial regulatory reform<\/td>\n<\/tr>\n
9.<\/td>\naccess to financing and credit<\/td>\n<\/tr>\n
10<\/td>\nnew accounting standards, ifrs<\/td>\n<\/tr>\n
<\/td>\nsource: cpa trendlines for aicpa<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

clearly, many accounting and finance professionals are abandoning grand and sometimes expensive goals to concentrate on the day-to-day operational details of running a business. with \u201cfocus\u201d the key watchword for many cpas today, sole proprietor edith smith says she plans to \u201cfocus a little more on practice-building.\u201d<\/p>\n

on the other hand, cpa dean owen is putting \u201cless focus on gaining new clients, and much more focus on client selection,\u201d adding, \u201ci am in the transition from \u2018build it up\u2019 to \u2018manage it well.\u2019\u00a0 my next big gains will be from\u00a0better management, not increased size.\u201d for ralph mooney, \u201cit’s key to focus on strengthening our core businesses after the damage done by the business conditions over the last 15 months.\u201d jon neal plans to \u201ckeep marketing and to focus on our strengths.\u201d<\/p>\n

the managing partner of a mid-sized cpa firm is also focusing on a more conservative approach to business. \u201cno fluff!\u201d he declares. \u201cwe need to stay conservative and focus on execution,\u201d he adds. \u201ci think driving profits\u00a0and cash-flow, and encouraging clients to maintain a strong balance\u00a0sheet\u00a0are critical factors for 2010. \u2018one client at a time\u2019 is a good grass-roots\u00a0approach.\u201d<\/p>\n

\u201cfocus has to remain on operational efficiency, managing costs and on business development and sales,\u201d according to the senior finance executive at a small it services company. to her, \u201cgrowth \u2014 bottom line and top line \u2014 is the most critical issue.\u201d among other things, she\u2019s reviewing the company\u2019s sales compensation plans to make sure they are aligned properly with the company\u2019s business strategy.<\/p>\n

robert fligg, a senior executive at a west coast residential building company, says he expects business decisions to be based more often on common sense, \u201crather than on optimism or on ego.\u201d<\/p>\n

meanwhile, his strategies are the epitome of a back-to-basics plan: “reduce debt. focus on our mission. stick with what we do best.\u201d<\/p>\n

those are not bad strategies for most people these days.<\/p>\n

copyright 2010 aicpa<\/h6>\n